Durable goods the highlight today
It's good to be back after a few days of fishing.
The highlight today is the preliminary durable goods orders report for April. The headline risk is to the downside with Boeing orders sinking after the 737 Max fiasco. However the market already knows that and the core orders (non-defense capital goods orders ex-air) is the line to watch. The consensus is for a 0.3% decline after a 1.0% climb in March.
The rest of the day is lackluster on the economic calendar with only the weekly Baker Hughes report to watch. The US has a long weekend so volatility could dip quickly, especially after London goes home.
